Absolute Market Insights recent analysis of the Inspection Drones Market finds that the increasing demand from the usage of inspection drones in military and defense industry for border security purposes is expected to witness maximum growth in the Inspection Drones during the forecast period. The global Market revenue stood at a value USD 3.9 Bn in the year 2021.
Market Synopsis
A drone is an unmanned aerial vehicle (UAV) equipped with sensors, GPS, and an embedded system. It is popularly known for the uses such as aerial photography, filming, and delivering of goods. However, there is an emerging application of drones for inspection purposes to receive a bird-eye view.
Inspection Drones on the basis of different parameters, such as forward/backward integration, economies of scale, the share of various distribution channels, various factors affecting consumer behaviour such as brand loyalty, price, and product availability among others, capital investments, regulatory landscape, production rights and patents, promotional strategies, and other customer preferences. This data is likely to help the industry stakeholders and stimulate the decision-making process.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Inspection Drones Market is predicted to grow at a CAGR of roughly 24.10% during the forecast period.
- The Inspection Drones Market was estimated to be worth roughly 3.9 Bnin 2021 and is expected to reach USD 33.8 Bn by 2028; based on primary research.
- On the basis of region, Inspection Drones Market is projected to dominate worldwide.
Market Dynamics:
Industry Analysis:
The report covers exhaustive analysis on the global Inspection Drones Market. Industry, which includes market trends, drivers, restraints, opportunities, segmental analysis, regional trends, and competitive landscape among others. It includes an extensive competitive landscape covering key players in the industry and their comparative study on the basis of different parameters such as company overview, product portfolio, market revenue, business, and marketing strategies. Moreover, the report covers a thorough analysis drivers, restraints, and opportunities considering regional growth factors, technological advancements, and availability of substitute, regulatory norms, and such other growth impacting factors.
Drivers:
Drones help military personnel to identify security and terrorism-related challenges as well as pinpoint vulnerable areas that are prone to risks..Recent technological advancements in the drones sector and advances in LiDAR technology is creating lucrative growth opportunities for the inspection drones market in the upcoming years.
Restraint:
Lack of skilled workforce to operate drones for monitoring & inspection applications coupled with the issues associated with the drone safety & security may hamper the growth of the market to some extent.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pervasive might lead to a significant delay in the commercial roll-out of the packaging industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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The Report on Inspection Drones Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historical Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America has emerged as the largest regional market in the global inspection drones market in 2021. Growth of this region is mainly driven by early adoption of inspection drones in the region. In addition to this, the significant presence of market players is projected to boost the growth of the inspection drones market. For instance, MISTRAS Group, Lockheed Martin, and Intel Corporation are some of the leading inspection drone manufacturers in the U.S. On the other hand, the Asia-Pacific inspection drones market is expected to witness highest growth rate during the forecast period owing to increased demand for drones in growing economies such as India and China across the agriculture and utility sectors.
List of Prominent Players in Inspection Drones:
- 3DR
- AeroVironment
- Airobotics Ltd.
- Delair
- DJI
- FLYABILITY SA
- Intel Corporation
- Lockheed Martin Corporation.
- MICRODRONES
- Teledyne FLIR LLC
- thyssenkrupp
- Yuneec Holding Ltd.
- Other Market Participants
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Inspection Drones?
- How will the Inspection Drones change in the upcoming six years?
- Which application and product will take a lion’s share of the Inspection Drones?
- What is the Inspection Drones drivers and restrictions?
- What will be the CAGR and size of the Inspection Drones throughout the forecast period?
This market titled Inspection Drones will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years – 2016-2028
Base Year – 2021
Historic Years – 2016-2020
Forecast Years – 2022-2028
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Segments Covered
- Component
- Hardware (Drones, Payloads & Controllers, Accessories, Others) Solutions, Services (Consulting Services, Support and Maintenance Services, Others)
- End Use
- Mining, Oil & Gas
- Facility and Utility Equipment Management,
- Leak Detection and Repair (LDAR),
- Production and Refinery,
- Pipeline Integrity,
- Exploration and Construction,
- Others
- Manufacturing,
- Construction,
- Agriculture,
- Power & Utilities
- Solar Panels Inspection,
- Power Line/Cable Inspection,
- Wind Turbine/Windmill Inspection,
- Others
- Mining, Oil & Gas
- Distribution Channel
- Online,
- Offline
Region & Counties Covered
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Report Coverage
- Market growth drivers
- restraints, opportunities
- Porter’s five forces analysis
- PEST analysis
- Value chain analysis
- Regulatory landscape
- Technology landscape
- Patent analysis
- Market attractiveness analysis by segments and Regional
- Company market share analysis
- COVID-19 impact analysis
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